Volkswagen announces £750m spending cuts to fund product revamp
by Sean Farrell from on (#QB4N)
VW division head promises to focus on electric and hybrid vehicles and revamp diesel cars and vans following emissions scandal
The Volkswagen Group has announced a1bn (750m) of spending cuts at its core VW division to help pay for a product overhaul following the emissions testing scandal that has rocked Europe's biggest carmaker.
Herbert Diess, the chief executive of the VW brand, said he would overhaul the division's strategy to concentrate on electric and hybrid vehicles and revamp all diesel cars and vans to feature cleaner exhaust emissions systems.
